515A.3-101 ORGANIZATION OF UNIT OWNERS’ ASSOCIATION. A unit owners’ association shall be organized no later than the date the condominium is created. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under […]
515A.3-102 POWERS OF UNIT OWNERS’ ASSOCIATION. (a) Unless limited by the provisions of the declaration, the association may: (1) adopt and amend rules and regulations; (2) adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for common expenses from unit owners; (3) hire and terminate managing agents and other employees, agents, and […]
515A.3-103 BOARD OF DIRECTORS, MEMBERS AND OFFICERS. (a) The declaration may provide for a period of declarant control of the association, during which period a declarant, or persons designated by the declarant, may elect the members of the board of directors. Any period of declarant control extends from the date of the first conveyance of […]
515A.3-104 TRANSFER OF SPECIAL DECLARANT RIGHTS. (a) No special declarant rights (section 515A.1-103(18)) created or reserved under sections 515A.1-101 to 515A.4-117 may be transferred except by an instrument evidencing the transfer recorded in every county where any portion of the condominium is located. The instrument shall be recordable and is not effective unless executed by […]
515A.3-105 TERMINATION OF CONTRACTS AND LEASES OF DECLARANT. If entered into prior to expiration of the period of declarant control pursuant to section 515A.3-103, (1) any management contract, employment contract, or lease of recreational or parking areas or facilities, (2) any other contract or lease binding the association or any unit owner other than the […]
515A.3-106 BYLAWS. The bylaws and any amendments thereto must be recorded to be effective and shall provide: (a) The meeting of the members shall be held at least once each year and shall specify an officer who shall, at least 21 days in advance of any annual or regularly scheduled meeting and at least seven […]
515A.3-107 UPKEEP OF THE CONDOMINIUM. Except to the extent otherwise provided by the declaration or section 515A.3-112(d), the association is responsible for maintenance, repair, and replacement of the common elements and each unit owner is responsible for maintenance, repair, and replacement of the owner’s unit. Each unit owner shall afford to the association and the […]
515A.3-111 TORT AND CONTRACT LIABILITY. (a) If a tort or breach of contract occurred during any period of declarant control (section 515A.3-103), the declarant shall indemnify the association for all liability incurred by the association as a result of that tort or breach of contract, including legal fees. Any statute of limitation affecting the association’s […]
515A.3-112 INSURANCE. (a) Commencing not later than the time of the first conveyance of a unit to a unit owner other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements and units, exclusive of land, excavations, foundations, and other items normally excluded from property policies, […]
515A.3-113 SURPLUS FUNDS. Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be credited to the unit owners to reduce their future common expense assessments. History: 1980 c 582 art 3 s 515.3-113
515A.3-114 ASSESSMENTS FOR COMMON EXPENSES. (a) Until the association levies a common expense assessment, the declarant shall pay all accrued expenses of the condominium. After any assessment has been levied by the association, assessments shall be levied at least annually and shall be based on a budget adopted at least annually by the association. (b) […]
515A.3-115 LIEN FOR ASSESSMENTS. (a) The association has a lien on a unit for any assessment levied against that unit from the time the assessment becomes payable. The association’s lien may be foreclosed as provided by the laws of this state as if it were a lien under a mortgage containing a power of sale […]
515A.3-116 ASSOCIATION RECORDS. The association shall keep financial records sufficiently detailed to enable the association to comply with section 515A.4-107. All financial records shall be made reasonably available for examination by any unit owner and the unit owner’s authorized agents. History: 1980 c 582 art 3 s 515.3-116; 1986 c 444
515A.3-117 ASSOCIATION AS TRUSTEE. With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee […]
